A sole proprietorship is a business entity that has just one owner who pays personal income tax on profits earned from the business. There are no legal formalities or registration process for the registration of sole proprietorship. You can do business in your own name without any registration. However, if you could like to do business in “Trade Name” then you have to open a current account in Trade / Business name. Minimum 2 legal entity proof is required for opening a Current bank account.